Fuel Dispenser Global Market Report 2024

The fuel dispenser market size has grown strongly in recent years. It will grow from $2.54 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The historical growth in this sector can be attributed to several factors, including global economic trends influencing fuel consumption patterns, the integration of data and analytics in fuel station operations, improved safety measures implemented within the industry, the evolution of payment systems facilitating transactions at fuel stations, and the expansion of fuel stations to accommodate increasing demand and geographical coverage.

The fuel dispenser market size is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. Anticipated growth in the upcoming period is expected to be driven by several factors, including the increased demand for contactless solutions at fuel stations, compliance with evolving regulatory standards, a rise in various mobility solutions, the expansion of fueling infrastructure to cater to growing needs, and an increasing emphasis on environmental sustainability within the industry. Key trends projected for this period encompass the ability to adapt to changing regulations, the implementation of remote monitoring and management systems, compatibility enhancements to accommodate alternative fuels, integration of contactless payment options for user convenience, and the focus on enhancing the overall user experience at fuel stations.

The fuel dispenser market is expected to experience growth driven by the rising demand for fuel. Fuel, defined as any material substance used for heat or power generation, is dispensed through fuel dispensers, which pump liquid fuels into vehicles, aircraft, storage tanks, or portable containers such as gasoline, diesel fuel, oil, or kerosene. For example, in September 2022, the U.S. Energy Information Administration (EIA) reported global consumption of 99.4 million barrels per day (b/d) of petroleum and liquid fuels in August 2022, marking a 1.6 million b/d increase from August 2021. The projection anticipates a further increase in global fuel consumption, averaging 2.0 million b/d in 2023. Consequently, the growing demand for fuel is a key driver for the fuel dispenser market.

The rapid expansion of the transportation sector is poised to contribute to the growth of the fuel dispenser market. The transportation sector encompasses a broad range of operations and services associated with the movement of goods and individuals. Advanced fuel dispensers, equipped with features such as diverse payment methods, monitoring capabilities, and environmental safeguards, enhance the efficiency, safety, and sustainability of the transportation sector. In August 2022, according to the United States Bureau of Transportation Statistics, the Freight Transportation Services Index (TSI), a measure of the volume of goods handled by for-hire transportation businesses, achieved a new high in June, with a 1.7 percent increase from May. The index also witnessed a 4.6 percent increase from June 2021 to June 2022. Therefore, the rapid expansion of the transportation sector is a significant driver for the fuel dispenser market.

Major companies in the fuel dispenser market are actively focusing on innovative technologies to maintain their market positions. For instance, in June 2022, Dover Fueling Solutions (DFS), a U.S.-based developer of fuel dispensing equipment, launched the ProGauge MagLink LX Plus, a next-generation automatic tank gauge (ATG) console. The MagLink LX Plus introduces several noteworthy upgrades, including intelligent touch and swipe technology for an immersive and interactive user experience. It stands as DFS's most advanced and feature-rich console to date, offering enhanced scalability, versatility, and connectivity. Equipped with intelligent sensors, such as those based on IntelliSense technology, the MagLink LX Plus seamlessly integrates with forecourt equipment. Site owners benefit from increased flexibility in linking consoles, and a unified user interface allows for the monitoring of a broader area.

Major companies in the fuel dispenser market are strategically adopting partnership approaches to introduce innovative self-ordering solutions for convenience stores and gas stations. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits and success. For example, in August 2023, Dover Fueling Solutions (DFS), a U.S.-based manufacturing company specializing in fuel dispensers and fueling solutions, announced a strategic partnership with GRUBBRR. This collaboration aims to introduce a unique self-ordering solution, DX Market powered by GRUBBRR, on the Wayne Ovation fuel dispenser utilizing the DFS Anthem UX platform. By partnering with GRUBBRR, DFS intends to enhance revenue for gasoline retailers by providing consumers with the convenience of ordering food and browsing for items while pumping gas. The DX Market, powered by GRUBBRR, will enable businesses to offer personalized promotions and upsell opportunities using both video and static content. This cutting-edge experience aligns with customer expectations for more automation and self-service options at gas stations. GRUBBRR, the partner in this collaboration, is a U.S.-based company known for its revolutionary self-ordering technology.

In May 2022, Husky Corporation, a U.S.-based manufacturing company specializing in fuel dispensing products, acquired Kinetic Laboratories Limited for an undisclosed amount. This strategic acquisition integrates the K100 product range, developed by Kinetic Laboratories Limited, into Husky Corporation's existing solutions for clients in the gasoline dispensing, automotive, and transportation industries. The addition of the K100 product line aligns with Husky Corporation's expansion plans. Kinetic Laboratories Limited, the acquired company, is a U.S.-based manufacturer known for the K100 product line of gasoline and diesel fuel treatment additives. This strategic move enhances Husky Corporation's product portfolio and strengthens its position in the market.

Major companies operating in the fuel dispenser market report are Dover Fueling Solutions, CenStar Energy Corporation, Zhejiang Lanfeng Machine Co. Ltd., Neotec Ltd., Korea EnE Co. Ltd., Gilbarco Veeder Root, Bennett Pump Company, Beijing Sanki Petroleum Technology Co. Ltd., Zhejiang Datian Machine Co. Ltd., Tominaga Mfg. Co., Tatsuno Corporation, Scheidt & Bachmann GmbH, PIUSI SPA, Jiangsu Lanfeng Biochemical Co. Ltd., Jiangsu Furen Group, Wayne Fueling Systems LLC, Sanki Petroleum Technology Co. Ltd., Zhejiang Genuine Machine Co.Ltd., Zhejiang Yongjia Zhongzheng Machine Co. Ltd., Zhejiang Jiasong Technology Co.Ltd., Zhejiang Koeo Petroleum Machinery Co.Ltd., Guangzhou Senbiao Mechanical Equipment Co.Ltd., Wenzhou Bluesky Energy Technology Co.Ltd., Wenzhou Changlong Fuel Dispenser Manufacture Co. Ltd., Wenzhou Xiaoding Machinery Co.Ltd., Wenzhou Bestfueling Machinery Co.Ltd., Wenzhou Supertech Machine Co.Ltd., Wenzhou Ecotec Energy Equipment Co.Ltd., Wenzhou Bada Machine Co. Ltd., Peltek India.

Asia-Pacific was the largest region in the fuel dispenser market in 2023. The regions covered in the fuel dispenser market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fuel dispenser market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main categories of fuel dispensers include suction systems and submersible systems. A suction system operates by pumping fuel from a storage tank into a dispenser located on a pump island, which then transfers the fuel into a vehicle's tank. These systems incorporate different types of flow meters, such as mechanical and electronic meters, catering to a wide range of applications including petroleum, diesel, biofuel, and other fuel types.

The fuel dispenser market research report is one of a series of new reports that provides fuel dispenser market statistics, including fuel dispenser industry global market size, regional shares, competitors with a fuel dispenser market share, detailed fuel dispenser market segments, market trends and opportunities, and any further data you may need to thrive in the fuel dispenser industry. This fuel dispenser market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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